SINGAPORE: Many Singaporeans have not grasped the
implications of low economic growth in light of an uncertain
economy, or even the effects of an aging population, Minister K
Shanmugam said.
In a community where more than 20 per cent of its
residents are senior citizens, the importance of having good
facilities for the elderly is more important than ever, especially
as Singapore faces a rapidly ageing population.
Mr Shanmugam said: "I don't think the implications
of that have been fully internalised within our society. I think by
2030, we're only going to have, if projections are accurate, two
persons working to support one retired person.
"Today, it is eight persons working to support one retired person.
The economic, social consequences, healthcare costs, the possible
impact on our entire support system, we need to be thinking very
actively about these things."
Going forward, Mr Shanmugam said beyond more outreach and
educational efforts, the government must ensure more medical
services within easy reach.
He said: "I think we need to bring and make sure that medical
services are available within a reasonable geographical proximity,
and you know a lot of issues they may face might require say home
nursing for example. So we need to start thinking in terms of we
don't want everyone to necessarily have to come to the hospital,
because it may not require a full-scale medical treatment, but they
need some sort of medical treatment and we need to seriously look
at home-nursing and things like that."
Mr Shanmugam also gave his take on Singapore's economy where he
highlighted the plight of small and medium enterprises, many of
which are struggling with the government's move to restrict the
number of foreign workers.
This he said, has implications on jobs for Singaporean too.
Mr Shanmugam said: "You've seen Minister Lim (Swee Say) saying we
may have to settle for low growth. Now low growth does not mean
that we will all be able to say, be graceful, have a good standard
of life, play golf. No.
"Low growth in Singapore, in the context of high growth region
means lack of opportunities in Singapore. A lot of people don't
understand this. You see articles all around - 'oh it's okay, let's
adjust to a low growth'.
"First, low growth is going to be a fact of life. We're not going
to be able to grow at six to eight per cent. Not easy, let's
understand that.
"Second, what does low growth mean when all your neighbours are
growing high? Just look at Japan, it means less opportunities for
young people, in the event of 40 to 50 per cent of the population
coming out with degrees. It means reduced dynamism in the economy,
it means industries moving out, these are the challenges we have to
face and these are the messages we have to get across and what are
the choices that people want to make. Low growth carries serious
consequences."
Mr Shanmugam also added that the government must manage low growth
even as it ensures enough opportunities for Singaporeans.
He was at an Active Ageing Carnival in Nee Soon GRC on Sunday. More
than 3,000 Nee Soon GRC residents came together to commemorate the
launch of the Wellness Programme, through its Active Ageing
Carnival.
- CNA/ck
